vs
美泰（MAT）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是美世的1.9倍（$862.2M vs $449.5M），美泰净利率更高（7.1% vs -68.7%，领先75.8%），美泰同比增速更快（4.3% vs -8.0%），美世自由现金流更多（$32.0M vs $-88.1M），过去两年美世的营收复合增速更高（-9.9% vs -10.6%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
MAT vs MERC — 直观对比
营收规模更大
MAT
是对方的1.9倍
$449.5M
营收增速更快
MAT
高出12.3%
-8.0%
净利率更高
MAT
高出75.8%
-68.7%
自由现金流更多
MERC
多$120.1M
$-88.1M
两年增速更快
MERC
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $449.5M |
| 净利润 | $61.0M | $-308.7M |
| 毛利率 | 44.9% | — |
| 营业利润率 | — | -62.0% |
| 净利率 | 7.1% | -68.7% |
| 营收同比 | 4.3% | -8.0% |
| 净利润同比 | 251.4% | -1947.7% |
| 每股收益（稀释后） | $0.20 | $-4.61 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MATMERC
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $449.5M | ||
| Q3 25 | $1.7B | $458.1M | ||
| Q2 25 | $1.0B | $453.5M | ||
| Q1 25 | $826.6M | $507.0M | ||
| Q4 24 | $1.6B | $488.4M | ||
| Q3 24 | $1.8B | $502.1M | ||
| Q2 24 | $1.1B | $499.4M |
净利润MATMERC
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $-308.7M | ||
| Q3 25 | $278.4M | $-80.8M | ||
| Q2 25 | $53.4M | $-86.1M | ||
| Q1 25 | $-40.3M | $-22.3M | ||
| Q4 24 | $140.9M | $16.7M | ||
| Q3 24 | $372.4M | $-17.6M | ||
| Q2 24 | $56.9M | $-67.6M |
毛利率MATMERC
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| Q1 25 | 49.4% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 49.2% | — |
营业利润率MATMERC
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | -62.0% | ||
| Q3 25 | 21.9% | -14.8% | ||
| Q2 25 | 7.7% | -12.9% | ||
| Q1 25 | -6.4% | 1.3% | ||
| Q4 24 | 9.6% | 10.3% | ||
| Q3 24 | 26.5% | 1.8% | ||
| Q2 24 | 7.7% | -8.8% |
净利率MATMERC
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | -68.7% | ||
| Q3 25 | 16.0% | -17.6% | ||
| Q2 25 | 5.2% | -19.0% | ||
| Q1 25 | -4.9% | -4.4% | ||
| Q4 24 | 8.6% | 3.4% | ||
| Q3 24 | 20.2% | -3.5% | ||
| Q2 24 | 5.3% | -13.5% |
每股收益（稀释后）MATMERC
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $-4.61 | ||
| Q3 25 | $0.88 | $-1.21 | ||
| Q2 25 | $0.16 | $-1.29 | ||
| Q1 25 | $-0.12 | $-0.33 | ||
| Q4 24 | $0.40 | $0.25 | ||
| Q3 24 | $1.09 | $-0.26 | ||
| Q2 24 | $0.17 | $-1.01 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $866.0M | $186.8M |
| 总债务越低越好 | $2.3B | $1.6B |
| 股东权益账面价值 | $2.1B | $68.1M |
| 总资产 | $6.3B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.11× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资MATMERC
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $186.8M | ||
| Q3 25 | $691.9M | $98.1M | ||
| Q2 25 | $870.5M | $146.5M | ||
| Q1 25 | $1.2B | $181.5M | ||
| Q4 24 | $1.4B | $184.9M | ||
| Q3 24 | $723.5M | $239.0M | ||
| Q2 24 | $722.4M | $263.2M |
总债务MATMERC
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $2.3B | $1.5B | ||
| Q2 25 | $2.3B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.3B | $1.6B | ||
| Q2 24 | $2.3B | $1.6B |
股东权益MATMERC
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $68.1M | ||
| Q3 25 | $2.3B | $359.5M | ||
| Q2 25 | $2.2B | $446.5M | ||
| Q1 25 | $2.1B | $437.4M | ||
| Q4 24 | $2.3B | $429.8M | ||
| Q3 24 | $2.3B | $516.8M | ||
| Q2 24 | $2.0B | $487.7M |
总资产MATMERC
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $2.0B | ||
| Q3 25 | $6.6B | $2.3B | ||
| Q2 25 | $6.2B | $2.4B | ||
| Q1 25 | $6.2B | $2.3B | ||
| Q4 24 | $6.5B | $2.3B | ||
| Q3 24 | $6.5B | $2.5B | ||
| Q2 24 | $5.9B | $2.5B |
负债/权益比MATMERC
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | 23.58× | ||
| Q3 25 | 1.03× | 4.30× | ||
| Q2 25 | 1.08× | 3.42× | ||
| Q1 25 | 1.10× | 3.44× | ||
| Q4 24 | 1.03× | 3.43× | ||
| Q3 24 | 1.01× | 3.09× | ||
| Q2 24 | 1.18× | 3.22× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $32.0M |
| 自由现金流率自由现金流/营收 | -10.2% | 7.1% |
| 资本支出强度资本支出/营收 | 7.6% | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流MATMERC
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $46.2M | ||
| Q3 25 | $72.0M | $-30.1M | ||
| Q2 25 | $-300.1M | $-4.5M | ||
| Q1 25 | $24.8M | $-3.0M | ||
| Q4 24 | $862.1M | $71.2M | ||
| Q3 24 | $155.8M | $-13.9M | ||
| Q2 24 | $-252.9M | $62.2M |
自由现金流MATMERC
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | — | $44.3M |
自由现金流率MATMERC
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 8.9% |
资本支出强度MATMERC
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.6% |
现金转化率MATMERC
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | 4.26× | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MAT
暂无分部数据
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
